영국의 스튜어드십 코드의 제정과 운영의 시사점

국문 초록 (Abstract)

2010년 영국이 회사지배구조개선을 위한 방안으로 스튜어드십 코드를 제정한 이래 세계 여러 나라가 스튜어드십 코드를 도입을 하였으며 우리나라도 도입논의를 진행하고 있다. 이 논문은 스튜어드십 코드의 원형인 영국의 스튜어드십 코드의 제정배경을 살펴보고 스튜어드십코드의 내용을 분석하여 우리나라의 스튜어드십 코드 도입에 대한 시사점을 제공할 것을 목적으로 한다.
영국의 스튜어드십 코드는 1992년 Cadbury 보고서부터 시작한 회사지배구조개선의 과정에서 탄생하였다. 영국 스튜어드십 코드는 특히 글로벌 금융위기의 원인을 진단한 Walker 보고서의 권고에 따라 제정한 것으로 회사지배구조개선을 담당하는 FRC가 제정과 개정을 담당하고 있다. 영국의 스튜어드십 코드는 7개의 원칙과 그에 따른 지침으로 구성되어 있다.
영국의 스튜어드십 코드는 영국의 상장회사 소유구조가 개인소유에서 기관투자자소유로 변경되었으나 기관투자자가 이에 걸맞는 역할을 담당하고 있지 않아 기관투자자에게 회사지배구조개선 의무를 부과한 것이다. 영국 상장회사에 대한 해외투자자의 지분이 매우 큼에도 불구하고 영국 스튜어드십 코드는 해외투자자가 자발적으로 스튜어드십 코드를 준수해 주기를 요청할 뿐 간접적으로도 준수강제를 시도하고 있지 않다. 영국 스튜어드십 코드는 원칙준수 예외설명의 방법을 이용하고 있다. 영국 스튜어드십의 가장 큰 특징은 공동참여를 의무화 하고 있으나 이에 대한 법적 문제점은 아직 해결되지 않고 있다. 우리나라의 경우 스튜어드십 코드의 도입이 회사지배구조 개선에 도움을 줄 수 있을 것이지만 영국의 폭넓은 재량의 인정과 공시를 통한 준수여부확인 제도를 잘 활용하는 한국형 제도를 설계할 필요가 있다.

다국어 초록 (Multilingual Abstract)

Since the UK introduced “stewardship code” in 2010 in order to improve its corporate governance system, a number of countries has followed the UK’s scheme. The Korean government also announced that it would introduce the Korean stewardship code. This article tries to find out some lessons from the UK stewardship code by analysing the UK’s corporate governance reform history and the contents of the UK stewardship code.
Current UK’s corporate governance reforms started from the Cadbury report of 1992. Afterwards, Hampel report, Myners report and Higgs report recommended many areas of corporate governance system. In 2006, the Companies Act has been amended for enhancing shareholder engagement and a long term investment culture. The Walker report of 2009 recommended to introduce the stewardship code. The UK’s Financial Reporting Council, which is in charge of corporate governance affairs, takes the responsibility of the code. The UK stewardship code consists of seven principles and their guidances.
Under the UK’s corporate governance scheme, the UK stewardship code aims at the institutional investors as corporate shareholders while the UK corporate governance code targets at the directors and the board of directors of the investee companies. However the UK stewardship code does not cover the foreign investors including institutional investors. The UK stewardship code is applied on a “comply or explain” basis. The principle 5 of the code states that institutional investors should be willing to act collectively with other investors where appropriate. This principle brings about several legal issues on market abuse, disclosure of substantial shareholdings, changes in control, and acting in concert. Those issues have not been solved yet in UK. As for Korea, introducing the stewardship code may help to improve the Korean corporate governance system if Korea learns the lessons from the UK’s experiences.

목차 (Table of Contents)

• Ⅰ. 들어가며
• Ⅱ. 스튜어드십 코드의 제정배경 및 경과
• Ⅲ. 스튜어드십 코드의 내용
• Ⅳ. 시사점
• Ⅴ. 마치며
• 參考文獻
• 〈Abstract〉

참고문헌 (Reference)

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